Publication Date:
Sun, 2011-04-24 23:47
Kuwaiti telco Zain, which has a 25-percent stake in Zain Saudi, has conditionally accepted a $950 million offer from joint bidders Bahrain Telecommunications (Batelco) and Kingdom Holding.
He expects the due diligence process to take as many as six weeks to complete.
“We now started... the Zain Saudi (due diligence) which is expected to take between a month to a month and half,” Alwaleed told reporters in Kuwait.
“If everything goes well we expect to complete the deal of buying Zain Saudi from Zain Kuwait within two more months.”
Last week, Zain Saudi said its first-quarter net loss narrowed as the telecoms operator offered new services and packages to lure customers but the quarterly loss was still wider than analysts forecasts.
Taxonomy upgrade extras:
